List of accountsBonds PayableBuildingsCashCash DividendsCommon StockCommon Stock Dividends DistributableDebt InvestmentsDiscount on Bonds PayableDividend RevenueDividends PayableFair Value Adjustment-Available-for-SaleFair Value Adjustment-StockFair Value Adjustment-TradingGain on Sale of Debt InvestmentsGain on Sale of Stock InvestmentsInterest ExpenseInterest PayableInterest ReceivableInterest RevenueLoss on Sale of Debt InvestmentsLoss on Sale of Stock InvestmentsNo EntryPald-In Capital in Excess of Par-Common StockRevenue from Stock InvestmentsShort-Term InvestmentsStock DividendsStock InvestmentsUnrealized Gain or Loss-EquityUnrealized Gain or Loss-Income On December 31, 2021, the end of its first year of operations, Cullumber Associates owned the following securities, that are held as along-term investments. The securities are not held for influence or control of the investee.Common StockGehring Co.Wooderson Co.Kitselton Co.Aug 1Sept. 1Oct. 1Nov. 1Dec. 15Dec. 31Shares(a)2,000On December 31, 2021, the total fair value of the securities was equal to its cost. In 2022, the following transactions occurred.5,000Date1,400Cost$60,00045,00025,200At December 31, the fair values per share of the common stocks were: Gehring Co. $32, Wooderson Co.These investments should be classified as long-term.Received $0.50 per share cash dividend on Gehring Co. common stockSold 1,500 shares of Wooderson Co. common stock for cash at $8 per share.Sold 800 shares of Gehring Co. common stock for cash at $33 per share.Received $1 per share cash dividend on Kitselton Co. common stock.Received $0.50 per share cash dividend on Gehring Co. common stock.Received $1 per share annual cash dividend on Wooderson Co. common stock.Journalize the 2022 transactions and post to the account Stock Investments. (Use the T-account form) (List all debit entries beforecredit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,select "No entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)Account Titles and Explanationand Kitselton Co. $16.DebitCredit (b)eTextbook and MediaList of AccountsSave for LaterDateDec 31Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. (List all debit entries before credit entries.Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry"for the account titles and enter 0 for the amounts)Account Titles and ExplanationeTextbook and MediaStock InvestmentsList of AccountsSave for LaterAttempts: 0 of 2 usedDebitCullumber AssociatesBalance Sheet (Partial)Submit AnswerCreditAttempts: 0 of 2 usedSubmit AnswerShow the balance sheet presentation of the investments at December 31, 2022. At this date, Cullumber Associates has commonstock $1,413,000 and retained earnings $1,155,000.

Name: List of accountsBonds PayableBuildingsCashCash DividendsCommon StockCo
Uploaded: 2024-03-04T10:43:15.000Z
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Description: List of accountsBonds PayableBuildingsCashCash DividendsCommon StockCommon Stock Dividends DistributableDebt InvestmentsDiscount on Bonds PayableDividend RevenueDividends PayableFair Value Adjustment-Available-for-SaleFair Value Adjustment-StockFair